Coronavirus Raises Concerns about How Americans Pay for Emergency Medical Costs
March 11, 2020 
Written By Lynn Oldshue As the number of coronavirus cases in the United States continues to rise, Americans seem to be thinking about their finances as much as their health. A new study from Healthcare.com reveals that 48% of Americans are not confident about covering the costs associated with COVID-19. This includes testing, treatment, prescriptions, hospital/doctor bills, vaccinations, and other medical expenses.
Less than 3% of respondents said they should be responsible for the cost of screening, treatment, or vaccinations. Most respondents said the government should cover these costs, or insurance should cover most or all of it: 41% of participants expect the government to pay for testing, but only 29% say the same for treatment.
Featured Prepaid Card
NetSpend® Visa® Prepaid Card
Applying for this card will securely direct you to the issuer's website.
Top Features:
No late fees or interest charges because this is not a credit card it is a prepaid card.
Even Americans with insurance appear worried about coronavirus bills. One in five insured respondents said they are not confident that their insurance would adequately cover the costs, and 10% said they were not confident at all.
Roughly one in three Americans said they could cover coronavirus bills with their savings. An additional 42% of participants said they would borrow money to cover costs—22% through a credit card, 12% from family, and 8% through their bank.
These potential medical costs might be particularly threatening for Americans who have credit scores below 700. A study from Elevate revealed that 70% of nonprime borrowers did not have enough in savings to cover $500 in emergency expenses. Thankfully, many Americans use tax season as an opportunity to prepare for these costs. Approximately 20% of Americans put a portion of their tax refund into a rainy day fund, and 18% pay off credit card debt.
This entry was posted in Credit Card News and tagged credit cards , credit scores , medical expenses , medical costs , medical payments , Elevate , coronavirus bills , coronavirus spread , coronavirus panic , Healthcare.com , healthcare research , Covid-19 , emergency costs , emergency medical , coronavirus treatment
The information contained within this article was accurate as of March 11, 2020. For up-to-date information on any of the terms, cards or offers mentioned above, visit the issuer's website. Many of the offers on this article are from our affiliate partners, and LowCards.com may be compensated if you take action with any of our affiliate partners.
Review LowCards.com Editor’s Top Cards!
2020 Top Credit Cards by Category
Featured Prepaid Card
NetSpend® Visa® Prepaid Card
Featured Prepaid Card
NetSpend® Visa® Prepaid Card
Applying for this card will securely direct you to the issuer's website.
Top Features: No late fees or interest charges because this is not a credit card it is a prepaid card.
Featured Secured Card
Assent Platinum 0% Intro Rate Mastercard Secured Credit Card
Featured Secured Card
Assent Platinum 0% Intro Rate Mastercard Secured Credit Card
Applying for this card will securely direct you to the issuer's website.
Top Features: Intro APR Offer on Purchases
Featured Fair Credit Card
Reflex Mastercard® Credit Card
Featured Fair Credit Card
Reflex Mastercard® Credit Card
Applying for this card will securely direct you to the issuer's website.
Top Features: All credit types welcome to apply!
Featured Bad Credit Card
First Digital NextGen Mastercard® Credit Card
Featured Bad Credit Card
First Digital NextGen Mastercard® Credit Card
Applying for this card will securely direct you to the issuer's website.
Top Features: Reports to all three credit bureaus, perfect credit not required for approval
